Social Security
The Shutdown and Your Social Security Benefits
OK, the record has been set…this is now the longest federal government shutdown in history. And with no resolution insight, it’s likely to continue to pile on the days as discussions start and stop, and as compromise remains elusive. In…
The Double Edged Sword of Taxing Social Security Benefits
Social Security benefits are subject to income tax for middle and upper income taxpayers. But as Liz Weston points out in this piece, when benefits were made taxable in 1983 and then further in 1993, the brackets were never indexed for…
My benefits got cut. Welcome to WEP.
It’s a little known and even less well understood provision that affects a small number of people who worked in some public sector jobs and had at least ten years of employment in the private sector. It’s the Windfall Elimination…
What’s New in 2019 for Social Security?
Tom Margeneau’s comprehensive piece here looks at all the major changes to Social Security for 2019. There are no substantive changes in the law, but there are a number of adjustments due to inflation. In addition to the across the…
Biggest Social Security Lie: Government Stole the Money
Jeff Szymanski works in political communications at The Association of Mature American Citizens (AMAC). He wrote this piece in an attempt to put to rest once and for all one of the biggest myths/lies about Social Security. “The bigger the lie, the more…
Early Withdrawals from IRAs? Possible, but usually ill advised
There are some limited exceptions that allow one to withdraw money from a traditional IRA or the earnings from a Roth IRA (contributions can be taken out at any time) without paying a 10% penalty, though income tax ism still…
Signing Up for Medicare & Social Security at the Same Time. Should you?
The answer to whether one should sign up for Social Security and Medicare together at age 65 is a hard, “it depends.” Medicare Part B premiums can be deducted from Social Security benefits, and that ease and peace of mind…
Social Security & Income Taxes: Know the Rules & Plan Ahead
It can be a shock to learn you have to pay income taxes on Social Security benefits. Not all people do, so knowing the thresholds is key to understanding whether tax is due or not. The IRS determines who is required…
Social Security for those who worked little or not at all
We’ve all likely heard that Social Security benefits are a product of having contributed during one’s working years, namely the highest 35 years on record. That is true. But what if you never worked? Perhaps you spent the prime working years…
A Good Social Security “Tip Sheet” Going Forward
Social Security is a complex program for sure. This piece by Selena Maranjian highlights five things one should know about this vital program, one which sends monthly benefits to 63 million Americans. First, know your full retirement age. Second, know…